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Successful Sale of 24 East 22nd Street in Gramercy, Manhattan
Bob Knakal successfully closed the sale of 24 East 22nd Street, a boutique office building located in the heart of Gramercy. The property, totaling 18,400 square feet, sold for $1,830,000, equating to $99.46 per square foot.
The transaction represented a strategic move by the seller to exit the property at a time when interest in Gramercy office assets was beginning to gain momentum. Bob’s market positioning and tailored approach helped attract the right buyer and ensure a smooth closing.
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Sale Details
Positioned between Park Avenue South and Broadway, 24 East 22nd Street offered buyers a rare opportunity to own a full building in a highly sought-after Manhattan location.
Bob Knakal recognized the value of the asset’s scale and location, emphasizing its potential for a boutique office user or investor. His strategy included targeted outreach to private investors and end-users looking for a well-located, mid-block building with potential upside.
Sale Price: $1,830,000
Sale Date: October 18, 1996
Asset Class: Office
Square Footage: 18,400
Price per SF: $99.46
Property Type: Boutique Office Building
Borough: Manhattan
Neighborhood: Gramercy
Property Overview
24 East 22nd Street is a classic Manhattan office building offering a unique opportunity for ownership in a tightly held Gramercy block. The property stood out due to:
- 18,400 square feet of office space across multiple floors
- Solid brick façade and flexible interior layouts
- Prime mid-block location just steps from Madison Square Park
The scale of the building and its proximity to major transit hubs and office corridors made it especially appealing to private investors and firms seeking a branded Manhattan office presence.
Marketing Strategy
Bob Knakal’s approach focused on:
- Leveraging the location near Union Square and Flatiron to appeal to a variety of office users
- Highlighting the under-market acquisition cost compared to nearby properties
- Presenting the property as a rare full-building opportunity for ownership or repositioning
His detailed knowledge of the Gramercy market and direct communication with a select pool of buyers allowed for efficient execution and a timely close.
Neighborhood Overview
Gramercy is a distinguished Manhattan neighborhood known for:
- Historic charm and tree-lined streets
- Proximity to Madison Square Park, Union Square, and Flatiron District
- A mix of residential and commercial properties, providing dynamic tenant demand
- Excellent access to transit and local amenities
- A long-standing appeal to boutique office users and investors
Conclusion
The sale of 24 East 22nd Street reflects Bob Knakal’s ability to identify value, attract the right buyers, and secure full market pricing in competitive submarkets. His strategic focus and hands-on involvement ensured a seamless transaction for all parties involved.
This deal stands as another example of Bob’s continued success in Manhattan’s office market and his unmatched expertise in navigating nuanced property sales across the city.
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